FTA Update

Finalizing the three pending trade agreements with Colombia, Panama and Korea remain key items on President Obama’s trade agenda for 2011. The agreement with Korea is ready for approval. After several years and recent negotiations, the Colombia Free Trade Agreement is back on track and will be ready for Congressional approval soon. Approval of the agreement has been delayed due to frequent incidents of violence against Colombian labor union officials and poor employee rights. Colombian officials have agreed to implement greater protection for union leaders and workers by providing tougher laws and penalties and assigning more investigators. The agreement with Panama has been stalled over the transparency of tax laws, but it is possible that those problems could be resolved within a few weeks. No specific dates have been set for submitting the agreements to Congress.